Given that $x - \frac{1}{x} = 4$, what is $x^3 - \frac{1}{x^3}$?
Solution: We notice that $x^3 - \frac{1}{x^3}$ is a difference of cubes. We can therefore factor it and rearrange the terms to get:  \begin{align*}
x^3 - \frac{1}{x^3} & = \left(x - \frac{1}{x}\right)\cdot\left(x^2 + x\left(\frac{1}{x}\right) + \frac{1}{x^2}\right) \\
& = \left(x - \frac{1}{x}\right)\cdot\left(\left(x^2 - 2x\left(\frac{1}{x}\right) + \frac{1}{x^2}\right) + 3x\left(\frac{1}{x}\right)\right) \\
& = \left(x - \frac{1}{x}\right)\cdot\left(\left(x - \frac{1}{x}\right)^2+3\right).
\end{align*}Since $x - \frac{1}{x} = 4$, we have that $x^3 - \frac{1}{x^3}=4\cdot(4^2+3) = 4 \cdot 19 = \boxed{76}.$